88Ex Insights: Are stablecoins going mainstream? What signal has China Petroleum released?

On August 28, 2025, at the semi-annual performance press conference, Wang Hua, the director and chief financial officer of China National Petroleum Corporation (00857), stated that the company is studying the settlement and payment of cross-border transactions through stablecoins and closely following the Hong Kong Monetary Authority's proposed stablecoin issuer license policy. This statement quickly sparked heated discussions: as one of the largest oil summits, every move of Sinopec significantly impacts international trade and policy — this involvement in stablecoins means that encryption assets are moving from complex investment vehicles into the core stage of international trade and financial settlement, potentially driving the accumulation of TradFi infrastructure; for the global market, it is an important signal; for 88 users, it is an excellent window to interpret the future value of stablecoins and gain insights into industry trends.

The significance of this news goes far beyond the energy sector itself; it not only reflects the exploration of cryptocurrency technology by traditional giants but may also become an important turning point in promoting the digitization of the global commodities market. 88Ex breaks it down from the following angles:

1. Why is China National Petroleum Corporation following stablecoins?

2. Cross-border Settlement Pain Points

a. China National Petroleum Corporation, as one of the world's largest energy suppliers, conducts enormous cross-border transactions (oil and natural gas procurement and sales) every year.

b. Traditional settlement methods rely on the US dollar system (SWIFT network), facing issues of slow clearing, high fees, and being subject to geopolitical risks.

c. Stablecoins (such as USDT, USDC) are based on blockchain, enabling real-time Settlement and low-cost transfers, avoiding financial friction caused by geopolitical tensions.

2. Policy Window

a. The Hong Kong Monetary Authority is studying the introduction of a stablecoin licensing system to open the door for the compliant use of stablecoins.

b. As a central enterprise, PetroChina's direct statement of "researching" stablecoins indicates that the acceptance of compliance exploration at the national level is increasing.

3. The Inevitable Trend of the Integration of Energy and Finance

a. The price volatility of commodities has led to strong hedging demand from enterprises. Stablecoins are not only payment tools but can also serve as asset management and liquidity tools.

b. In the future, PetroChina may consider a settlement network based on stablecoins and even promote a trading model directly linked to oil-stablecoin.

2. Potential Impact on the Encryption Industry

As a global energy giant, China National Petroleum, if it promotes stablecoin settlement, will not only be a single-point attempt for the company but may also become the starting point for the "industry demonstration effect." Potential impacts include:

1. The strategic position of stablecoins has risen, and the demand for compliant stablecoins has surged.

In the past, stablecoins were more commonly used for capital inflows and outflows on exchanges and in DeFi liquidity pools. However, if cross-border settlement scenarios are implemented, they will be endowed with payment functions for international bulk commodity transactions. This will significantly enhance the depth and breadth of stablecoin usage, evolving it from a "trading matching tool" to a "global settlement currency alternative." Once state-owned enterprises and multinational companies start to experiment, the market will increasingly favor compliant, transparent, and strongly backed stablecoins (such as USDC and licensed-regulated Hong Kong dollar stablecoins).

2. The leading effect of the energy industry promotes compliance and institutional adoption.

Oil is one of the most essential commodities globally. If stablecoins truly enter the oil trade, it means they transition from being "financial investment products" to the role of "global settlement currency." The statement from China National Petroleum Corporation indicates that large state-owned enterprises are beginning to acknowledge and attempt to align with the stablecoin regulatory framework of the Hong Kong Monetary Authority. This will encourage more multinational companies and financial institutions to consider compliant engagements with stablecoins, potentially creating a "policy window." In the future, stablecoins may gradually be viewed as compliant tools for cross-border payments, similar to the US dollar clearing system.

3. The demonstration effect on other central enterprises and multinational giants.

PetroChina's exploration may stimulate other central enterprises, multinational bulk trading companies, and even regional financial institutions to accelerate research into encryption payments. For the encryption industry, this means that "incremental funds" and "real demand" may accelerate entry, pushing the industry into a new adoption stage.

4. Capital market sentiment improves

When traditional industry giants recognize the value of encryption assets, it often leads to a decline in risk premiums, driving more funds into the blockchain and stablecoin sectors.

3. Global Scope: Adoption of Cryptocurrencies by Energy Companies

4. Pilot projects between the United States and Middle Eastern energy giants

a. Some sovereign wealth funds in the Middle East have been exploring the digital settlement of oil transactions and are collaborating with encryption payment platforms.

b. ExxonMobil has tested using Bitcoin mining to consume excess natural gas.

2. The penetration of stablecoins in bulk trade

a. Tether has announced a partial stablecoin payment experiment with Middle Eastern partners.

b. The circulation of the US dollar stablecoin exceeds 160 billion US dollars, becoming the "shadow banking of digital dollars."

3. The special status of China National Petroleum Corporation

a. The statement from PetroChina is not just a corporate action, but may also be a "vanguard" of a national-level strategy.

b. Once implemented, it will have a profound impact on the global energy pricing system and the cross-border payment landscape.

4. 88Ex Perspective: What insights can practitioners in the encryption industry gain?

1.Retail users

a. Stablecoins are not only a "hedging tool" in transactions, they are becoming a real option for cross-border payments.

b. For individual users, in the future, in scenarios such as cross-border remittances, tuition payments for studying abroad, and overseas travel, stablecoins may be faster and cheaper than traditional banks. Familiarity with the usage of stablecoins is akin to entering the payment system of the future in advance.

2. Institutional and corporate users

a. The exploration by PetroChina indicates that compliance giants have regarded stablecoins as tools to reduce costs and enhance settlement efficiency.

b. For enterprises, this is a signal: future international trade and cross-border supply chain finance are likely to incorporate stablecoins into core processes. Paying attention in advance and aligning with compliance frameworks may be a key step for enterprises towards globalization.

3. Developers and Entrepreneurs

a. Stablecoins are transitioning from speculative attributes to infrastructure attributes. This means that new entrepreneurial opportunities will arise around "cross-border settlement, compliant wallets, and trade payment solutions."

b. Grasping the intersection of policies and markets will provide the opportunity to become the foundational builder of the next "payment giant."

Summary of viewpoints: In the coming years, with the advancement of stablecoin compliance in Hong Kong, Europe, the United States, and the Middle East, we will see a new pattern of "stablecoin + energy + cross-border payment." This may be one of the biggest catalysts for the cryptocurrency industry to move towards the mainstream.

Conclusion

The news that China National Petroleum Corporation is researching stablecoin cross-border Settlement is not only an attempt by the enterprise but also an important signal for the global financial system.

It tells us:

Stablecoins are transitioning from "investment vehicles" to "international settlement currencies";

Compliance and application are becoming the core driving forces of the industry;

Users need to re-understand the positioning of stablecoins in the future financial ecosystem.

Risk warning:

Digital asset trading is highly volatile, please invest cautiously and manage your positions wisely. This content is for market analysis reference only and does not constitute investment advice.

Warm reminder:

Please keep your account password, private key, and mnemonic phrase secure to prevent asset theft. Never trust investment or transfer requests recommended by strangers, and be wary of scams.

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